A multilayer capacitor and a board having the same mounted thereon are provided. The multilayer capacitor includes a capacitor body including dielectric layers and first and second internal electrodes, and first to sixth surfaces, the first internal electrode being exposed through the third surface and the fifth surface and the second internal electrode being exposed through the fourth surface and the sixth surface; first and second side portions disposed on the fifth and sixth surfaces, respectively, of the capacitor body; first and second external electrodes; a first step-compensating portion disposed on a margin portion in a width direction on the second dielectric layer on which the second internal electrode is formed on the first internal electrode; and a second step-compensating portion disposed on another margin portion in the width direction on the first dielectric layer on which the first internal electrode is disposed on the second internal electrode.